Stellantis has reported net revenues of €41.7 billion in the first quarter, down 12% compared to Q1 2023. The company said the drop was caused primarily by volume, mix and foreign exchange headwinds.

Stellantis sales were down 10% year-on-year in the period at 1.34 million units. Stallantis blamed the sales drop on ‘production actions and inventory management to prepare for new product wave in H2 2024 compared with strong shipments in Q1 2023’. It said it had to build inventory following a prolonged period of supply constraints.

In North America, Q1 shipments were down 20%, due to mix and ‘portfolio transitions’, including refreshed Ram 1500 and new Dodge Charger. NA net revenues were down 15%, due to lower volumes and negative FX effects. European sales were down 6%, with revenues down 13% on lower volumes and ‘higher buyback commitments due to improving rental car business’.

In China, Stellantis Q1 shipments were down 46% at 15,000, ‘mainly driven by Peugeot, Jeep, Citroën and RAM due to challenging market and economic conditions and increasing competition’. Revenues were also down 46% on last year’s pace.

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